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New Zealand Herald, Volume XXI, Issue 7002, 26 April 1884, Page 5

Faoir the report of the meeting of the Education Board, held yesterday, it will be seen that, on the strength of the Premier's telegram, the Bank of New Zealand has agreed to tide the Board over the financial difficulty into which it had got by anticipating next year's appropriation. The overdraft" allowed, however, is only'a little over one half the sum previously applied for, the Board having very wisely limited its request simply to the amount that would enable it to meet liabilities already contracted for. But this concession is granted on conditions that are evidently meant to remind the Board of the repreEensibleness of exceeding the sum placed at its service by Parliament. The advance is made on the distinct understanding that it will be paid with interest out of the first money available for building purposes ; that no further commitments in that direction are undertaken till, money is available ; and that the liability to the Bank will not be allowed to exceed the amount named. The terms appear stringent enough, but not more than is necessary to impose a check on the practice, which, it seems, nil Education Boards have been top prone to indulge in, of incurring obligations without having funds in hand to meet them.